Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,235/mo
Lowest payment- Down payment
- $119,462
- Funds due
- $131,070
- Interest + MI left
- $165,923
- First ends
- Apr 2051
Assumption
Assumption + second
$2,830/mo
+$595/mo- Down payment
- $45,462
- Funds due
- $58,357
- Interest + MI left
- $306,275
- First ends
- Apr 2051
New loan
New conventional
$3,291/mo
+$1,056/mo- Down payment
- $45,462
- Funds due
- $54,929
- Interest + MI left
- $605,695
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,438 | $325,438 | $399,438 |
| Second mortgage | — | $74,000 | — |
| First P&I | $1,524.60 | $1,524.60 | $2,765.63 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $264.87 | $264.87 | $79.89 |
| Taxes, insurance & HOA | $445.25 | $445.25 | $445.25 |
| Total housing payment | $2,234.72 | $2,830.14 | $3,290.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,462
Closing costs & prepaids$12,895
Usable credit−$0
Total buyer cash needed$58,357
Earnest money paid−$0
Remaining funds due$58,357
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,449.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$555.75
Initial HOA (3 months)$330.00
Prepaid interest, first (2 days)$48.86
Prepaid interest, second (2 days)$36.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 5 moOf the original 30-year loan at 2.740%
Interest already paid$53,646Through Nov 2026
Assumption only · ends Apr 2051$165,923
Assumption + second · ends Apr 2051, second Dec 2056$306,275
New conventional · ends Dec 2056$605,695